VOL. XCIV, NO. 247
★ MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Friday, December 26, 2025
Masco Corporation
MAS · New York Stock Exchange
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Masco Corporation is a U.S.-listed building-products manufacturer with two reported segments: Plumbing Products (faucets, showering fixtures, valves and related plumbing components) and Decorative Architectural Products (architectural coatings such as Behr/Kilz plus home hardware). Plumbing Products leans on brand trust and a broad portfolio to defend assortment and specification across retail and trade channels. Decorative Architectural Products has an unusually strong distribution edge via Behr's exclusive North American retail-channel arrangement with The Home Depot, though it also creates meaningful customer concentration risk. Both segments compete in oligopolistic categories with private label and price competition, so moat durability depends on continued brand investment and channel execution.
Primary segment
Plumbing Products
Market structure
Oligopoly
Market share
—
HHI: —
Coverage
2 segments · 6 tags
Updated 2025-12-26
Segments
Plumbing Products
Residential plumbing fixtures and fittings (faucets, showers, valves, bath hardware, sinks) and plumbing components
Revenue
62%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Decorative Architectural Products
Architectural coatings (paints, primers, stains, waterproofing) plus home hardware sold through home centers and other retailers
Revenue
38%
Structure
Oligopoly
Pricing
moderate
Share
29%-31% (estimated)
Peers
Moat Claims
Plumbing Products
Residential plumbing fixtures and fittings (faucets, showers, valves, bath hardware, sinks) and plumbing components
FY2024 segment net sales $4.853B and segment operating profit $0.911B (reported in Form 10-K).
Brand Trust
Demand
Brand Trust
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 3 evidence
Masco positions its plumbing brands in categories where brand reputation and perceived quality drive specification and purchase; the company describes its plumbing products as sales leaders in North America and Europe.
Erosion risks
- Private label and digitally native brands gaining shelf space
- Price competition from low-cost foreign manufacturers
- Product quality issues or recalls damaging reputation
Leading indicators
- Net selling price vs input-cost inflation in Plumbing Products
- Retail planogram presence and online search ranking for key brands
- Warranty claims and return rates
Counterarguments
- In opening-price-point fixtures, brand matters less and price dominates
- Large retailers and wholesalers can pressure pricing and terms
Scope Economies
Supply
Scope Economies
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 2 evidence
Broad product breadth across faucets, showering, valves and accessories can help win/retain assortment slots and consolidate vendor spend for retail and trade customers; shared engineering, sourcing and go-to-market across product families supports efficiency.
Erosion risks
- Assortment simplification by large retailers
- Category disruption from new finishes/features or new entrants
- Supply chain shocks (tariffs, component shortages)
Leading indicators
- Gross margin and operating margin trends in Plumbing Products
- Retailer customer concentration and any loss of major accounts
- New product introduction cadence (smart/connected water features)
Counterarguments
- Major rivals also have broad product portfolios (scope advantage may not be unique)
- Retailers can multi-source categories, limiting vendor consolidation benefits
Decorative Architectural Products
Architectural coatings (paints, primers, stains, waterproofing) plus home hardware sold through home centers and other retailers
Masco states architectural coatings were ~32% of consolidated net sales in 2024 and that Behr is sold through and exclusive to The Home Depot in the North American retail channel.
Contractual Exclusivity
Legal
Contractual Exclusivity
Strength: 4/5 · Durability: medium · Confidence: 5/5 · 3 evidence
Behr brand exclusivity with The Home Depot in the North American retail channel creates advantaged distribution/shelf presence and joint go-to-market, but increases dependence on a single powerful customer.
Erosion risks
- Renegotiation or loss of Home Depot relationship
- Home Depot increases private label penetration or promotes competing brands
- Channel shift toward pro paint stores or direct-to-consumer
Leading indicators
- Home Depot as % of Masco consolidated sales
- Behr shelf space and online visibility at Home Depot
- Any disclosed changes to exclusivity terms
Counterarguments
- Exclusivity increases dependency on one retailer with strong bargaining power
- Competitors with owned-store pro networks can bypass big-box retail
Brand Trust
Demand
Brand Trust
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 2 evidence
Architectural coatings purchases are brand-influenced; Masco explicitly cites brand reputation as an important factor in consumer selection for this category (supporting Behr/Kilz brand strength).
Erosion risks
- Brand dilution if quality perception declines
- Aggressive promotions from larger competitors
- Consumers trading down in weak housing/remodel cycles
Leading indicators
- Unit share / search interest for Behr vs peers
- Gross margin in Decorative Architectural Products
- Mix shift between DIY and pro purchases
Counterarguments
- Professional painters may favor competitors' pro channels and formulations
- Retailer-controlled merchandising can steer consumers regardless of brand
Evidence
We believe that our plumbing products are among the leaders in sales in North America and Europe.
Management asserts leadership position, consistent with a demand-side brand advantage.
Competition for our plumbing products is based largely on brand reputation, product features and innovation, product quality, customer service, breadth of product offering and price.
Filing identifies brand reputation as a primary basis of competition in plumbing fixtures.
Higher net selling prices increased sales by two percent.
Supports that the segment has some ability to take price (pricing power is not purely commodity).
Our plumbing products include faucets, showerheads, handheld showers, valves, bath hardware and accessories, bathing units, shower bases and enclosures...
Demonstrates breadth of portfolio supporting scope across adjacent categories.
Net Sales: Plumbing Products $4,853 (millions) ... Operating Profit: Plumbing Products $911 (millions).
Large segment scale can support scope/scale efficiencies in sourcing, manufacturing and channel service.
Showing 5 of 11 sources.
Risks & Indicators
Erosion risks
- Private label and digitally native brands gaining shelf space
- Price competition from low-cost foreign manufacturers
- Product quality issues or recalls damaging reputation
- Assortment simplification by large retailers
- Category disruption from new finishes/features or new entrants
- Supply chain shocks (tariffs, component shortages)
Leading indicators
- Net selling price vs input-cost inflation in Plumbing Products
- Retail planogram presence and online search ranking for key brands
- Warranty claims and return rates
- Gross margin and operating margin trends in Plumbing Products
- Retailer customer concentration and any loss of major accounts
- New product introduction cadence (smart/connected water features)
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.